--Ben Maiden
The U.S. Securities and Exchange Commission has been presented with a laundry list of concerns over its blockbuster plans to revamp Regulation AB and the asset-backed securities market. The deadline for industry feedback passed last Monday, garnering more than 120 comment letters. Common targets were conflicting regulatory regimes and leveling the playing field for private and public transactions.
The SEC’s 667-page proposal included bolstering underwriting standards for issuers and requiring sponsors to keep “skin in the game,” retaining portions of the deals they underwrite. It would also require ABS public offering documents to contain asset-level information on each asset in the pool.
Officials at Bank of America, Citigroup Global Markets, the American Securitization Forum and others ....